For decades, business colleges and universities across the country drilled the 4 P’s of marketing into their students: product, place, price, and promotion. These were the basis of a good marketing mix. But now all of that has changed, and so has the current definition of marketing. Introducing the 4 E’s of Marketing First [...]

Straying from core strengths can lower a retailer’s value and chase away their customers. It’s a mistake that often comes from a lack of knowledge about their own core competencies. This reduces their ability to consistently deliver the products and services customers are looking for. What every business owner needs to understand is how [...]

Every retailer has to deal with product loss. In 2016, retail businesses experienced an average hit to their bottom line of 2% due to inventory shrink, a common accounting term used to describe the loss of inventory due to the following: Employee theft Shoplifting Breakage Employee misconduct Data entry errors The latest research on [...]

Retailers often struggle with understanding their customers’ needs. There’s no crystal ball, and it’s difficult to formulate the right questions to ask them. But listening to what customers want and why is the key to unlock a store’s fullest potential. What Do You Know About Your Customers? It takes time and energy to learn [...]

Today’s consumers shop online first, primarily doing their research before going to the store. Over 50% of them use a mobile device to search for selection, availability, and recommendations. It’s obvious that having a virtual presence is a must; however, over 90% of all retail purchases are done in-store. People still want the experience [...]

We know that one of the most serious issues retailers struggle with is cash flow. Why is cash flow so difficult? Because, everything affects it: Flat Sales Lower Margins Higher Expenses Slow Moving Inventory Productivity Any imbalance in these areas will dramatically affect cash flow. The key to avoiding a cash flow problem is [...]

These days, it’s hard enough to capture people’s attention, and even harder if the weather is against you. Retailers often struggle with how to increase store traffic, especially when they have a marketing plan in place and there is little to no money left for more advertising or other activities. So, you’re probably wondering [...]

One key performance indicator for a successful retail business is Gross Margin Return on Investment (GMROI). It provides valuable insight into merchandise choices and profitability. It also indicates how well inventory is managed. When most of a retailer’s assets are tied up in inventory, they need to know how profitable it is. Any slow [...]

The success of every retail business hinges upon inventory management. Building greater efficiency with inventory has a direct effect on sales and cash flow—two crucial areas for any business. Inventory Turnover Ratio Retailers need to first look at their inventory turnover rate. If it is slow, they should look for any weaknesses in their [...]